GCash shares rise 2.4% in market debut

Mynt, the parent company of digital payments leader GCash, debuted on the Philippine Stock Exchange on Tuesday, Oct 20. The IPO, which is considered the largest listing in the exchange's history, raised 60.9 billion pesos (US$965.9 million) after the exercise of an over-allotment option. This total surpassed the 52.2-billion-peso IPO held by Monde Nissin in 2021. Tech in Asia reports that stock allocations for market participants were 160% oversubscribed.

According to The Business Times - Companies & Markets, Mynt opened at 6.63 Philippine pesos, a 0.5 per cent increase from its 6.60-peso initial public offering price. By 10 am, shares had risen 2.1 per cent from the offer price to 6.74 pesos, outperforming a broader Philippine Stock Exchange index that fell 0.2 per cent. During early trading, the stock moved between 6.60 and 6.75 pesos with a turnover of 220,653,800 shares valued at 1.5 billion pesos.

The offering consisted of both primary and secondary shares. The Business Times - Companies & Markets states that proceeds from newly issued shares are intended to fund Mynt’s digital financial services growth, product development, and general corporate purposes, while proceeds from secondary shares will go to existing shareholders. At its offer price, Mynt was valued at approximately 442 billion pesos.

Brief written by urgent.news from Tech in Asia, The Business Times - Companies & Markets — 2 reports on this story. Machine-written — may contain errors; check the original before relying on it.